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Business Insurance Law - Case Study Example

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Summary
The writer of the present study shall reveal the business management background in the insurance law. Moreover, the paper will discuss a case study, which is reported of Allied Insurance in which an individual seeks to be paid damages caused during the period they were working. …
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Business Insurance Law Case Study
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Download file to see previous pages It is palpable that pressure is piled on Allied Insurance to cover for John’s damages. Either way, there is an extremely little probability or chance of John missing the payment when the case reaches the Jury. This implies that Allied has to be prepared to eventually pay. The only concern now is to determine how to pay less than is being demanded. It is recommended that Allied seeks to have the case dismissed without it heading to the Jury. The risk of taking the case to court is high considering the expenses. For example, the chance of Allied paying nothing to John is 0.20 against 0.30 which exposes them to pay the whole amount. The time and cost is to be lost in the process yet John had accepted an offer of $750,000. It is, therefore, witty to persuade John into accepting a figure closer to that amount or if he cannot then the $750,000 be awarded to him.
Decision Strategy
In order to negotiate for a counteroffer of $400,000, Allied can arrange for a session with John himself or with the lawyers representing him so that the case can be solved. In order to convince John into accepting the counteroffer Allied as well needs to be represented by a shrewd negotiator who can navigate through the case and reach an amicable solution. This strategy will ensure that Allied persuades John much more since both parties would not want to lose the case. Through the sessions, Allied should be able to explain the possible outcomes of the court case so as to convincing John into giving in to the offer. ...Download file to see next pagesRead More
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